The Italian group, that also owns brands like Diesel and Maison Martin Margiela, amongst others, acquired a majority stake in the handbags and accesories company three years ago.
OTB divests in Paula Cademartori. The Italian group, which also owns Diesel, has agreed to sell its stake in the Italo-Brazilian company Paula Cademartori, to its original owner, the designer that carries its name, specialized in handbags and accessories, where it acquired a majority stake three years ago.
The decision has been made by mutual agreement, as explained by the company in a statement. “The time has come for my brand to explore new independent horizons,” Paula Cademartori, designer of the brand, explained.
OTB acquired a majority stake in the company three years ago
OTB, led by Renzo Rosso, ended 2018 with losses of 26 million euros, down from the net profit of 3 million euros in 2018. The gross operating result (ebitda) stood at eleven million euros.
The company announced last April the launch of a new strategy until 2021, which consists of injecting 200 million euros to reinforce the distribution network of all its brands with the opening of up to 180 new stores.